Credit Suisse First Boston, the first foreign investment bank into Russia, is stopping its local equity trading operations in Moscow and shifting the business to London.

Two weeks ago, the bank announced it was also moving local share trading from Prague and Budapest to the UK. A CSFB spokeswoman said: 'We are centralising our Eastern European operations. Trading will be out of London, but other than that everything will remain the same.' In total, between 12 and 15 people will lose their jobs across all three operations.